Canadian online casinos are better off using cryptocurrencies?
The freedom to make payments without restrictions and without complying with centralized protocols of external companies is an advantage that few companies enjoy today. So by using cryptocurrencies, sites like PlayAmo Casino will have a technological advantage over many other companies that do not use them. But is this concept realistic?
Yes, because when a business is subject to the terms and policies of one or more centralized payment processors, the company (or casino, in this case) is dependent on them not raising their fees considerably and not changing their policies. Let’s discuss this matter further, analyzing every aspect of cryptocurrencies’ impact on the iGaming industry.
Taxes and marketing
Both in Canada and other countries, taxes related to gambling and gaming are usually high. This is because the governments want to prevent these types of activities from being carried out excessively. But with cryptocurrencies, many of the transactions go unnoticed. This is because they are encrypted and therefore do not allow the collection of taxes transparently, representing an opportunity for people to renew themselves in the game.
Nowadays, most people globally have cryptocurrencies, even in a symbolic way, or plan to enter this market in the future. This reality makes everything related to cryptocurrencies have extra value in marketing just because it attracts attention.
Suppose a person will buy Litecoin, Ethereum, Bitcoin, or any other cryptocurrency on the market. In that case, he could store it in any casino that accepts them as a means of payment and earn money, even if he loses part of his bets, due to the upward trend of the same, being this beneficial for both parties. There are many advantages of accepting this type of currencies.
Ease of payment
The diversity and integrity in the inclusion of payments is a crucial function in many cases. This is because an ordinary person does not always have significant liquidity. Therefore, the more secure payment options a company or online casino has, the better for it, as long as the benefits are greater than the expenses incurred in maintaining bank accounts and payment processors.
That is why cryptocurrency accounts have an advantage. They do not incur maintenance costs unless a custodian is placed with a private company to manage and safeguard the cryptocurrency assets. As a result, more than a hundred cryptocurrencies exist in the market today, and at least 23 or so are widely accepted worldwide.
Facilitates the start-up of new casinos
One of the biggest concerns when starting an online casino is collecting and storing users’ money. One of the easiest ways is to use virtual wallets in cryptocurrency since there are no requirements to register a company in international financial institutions, which are regulated by security agencies of the continent in which it is located.
On the contrary, a cryptocurrency account can handle large amounts of money without being accountable to any external auditor, mostly for practical and liquidity reasons. The more security and transparency the casino provides to its users, the more comfortable they trust their money.
For security reasons, it is not advisable to play in casinos that are not nationally regulated. Unfortunately, they are very few because the laws of each region are usually strict, and a casino would not be allowed to start operations without authorization from the State. So gambling and having fun with this type of activity is usually a safe bet.